Future Scope of Data Analytics

Data analytics is expected to comprehensively change the way we live and do business in the future. Already today we use analytics in our technology devices for many decisions in our lives.

Not only how to drive from A to B and avoid traffic-jams, but also to identify unproductive business processes. Although organizations are taking steps to turn data into insights, they are still struggling with data quality and finding the right resources to become truly data-driven.

Expectations are that data analytics will make the impossible possible, but we are still in the early stages of the data era. Every company is currently investing in data analytics capabilities to keep up with developments and competition.

Changing technological landscapes and newer business challenges compel companies today to look for strategies that ensure higher business returns as well as reduced operational expenses.

The future of Data Analytics looks bright as a career and a subject for research. Data Analytics is a niche space which requires trained individuals in Big Data, statistics, analytics, probability, administration, and IT.

With easy access to young and talented resources, the future of data analytics in India looks promising.

Growth of Data Analytics in India

In the past decade, India has experienced explosive growth in the data analytics industry due to the rise of internet users. Internet penetration doubled from 20% in 2018 to 41% in 2019, according to the World Bank, and is expected to add over 900 million users by 2025.

This growth has supported the data analytics industry with a significant increase in the collection of data that can be used to tap into various markets.

Data is considered to be the new oil, and industries and the government are focusing on data analysis to build better products.

Government and Data Analytics

India has been investing steadily in data analytics to increase the efficiency of its governance since 2014. About 75% of data is helping government departments improve the way of living of its citizens.

The government has undertaken many initiatives to create large platforms for massive datasets. Some of the initiatives are:

Digilocker

Digilocker provides free cloud services for citizens to store their voter ID cards, Aadhaar cards, etc. This initiative helped the country minimize frauds and corruption in the system.

MyGov

MyGov is a crowdsourcing platform started with the aim of sourcing governance ideas from citizens. MyGov was crucial for the government to understand people’s opinions and choices.

Digital India

The Digital India Program was started with an aim to transform Indian society through digital empowerment and become a knowledge-based economy.

This enabled the government to boost revenue by monitoring transactions and reducing the black economy.